It is important to know exactly what costs you are going to incur up front and along the way.
Your down payment becomes part of your equity or ownership share in your home. The larger your down payment, the less of a mortgage you have on your home. Your down payment can come from a few different sources:
- Cash from your own resources
- Your RRSP. The Home Buyers’ Plan is a program through the federal government where you can withdraw your registered savings (RRSPs) without a tax penalty. To qualify for this program, you must meet qualifying criteria. For details, contact the Canada Revenue Agency
- Gift of a down payment from an immediate relative
- Borrowed funds (check with your lender for qualifying criteria and availability
Sometimes a home buyer will request an inspection be performed on the house before committing to the final sale of a home. The inspector comes in and looks at the overall condition of the home and makes recommendations regarding what needs to be fixed or general maintenance that needs to be performed.
Synergy Credit Union may request an accredited appraiser provide an estimate of what the home and property are worth. The costs vary depending on the location and size of your home.
The lawyer plays a major role in the purchase of your home. For details on the duties/roles of your lawyer, please refer to ‘You and Your Lawyer’.
Mortgage Switch Program
Ready to move? Are you looking at different mortgage options? We will pay up to $1,500 of the fees associated with moving your mortgage.
Mortgage Pre-Approval Form
A mortgage pre-approval is a great first step in your homebuying journey. By being pre-approved, you can confidently begin your house search.